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PREFERRED AND COMMON STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
PREFERRED AND COMMON STOCKHOLDERS' EQUITY PREFERRED AND COMMON STOCKHOLDERS' EQUITY
The Company is authorized to issue up to 5.0 million shares of preferred stock, par value $0.01 per share. There were no shares of preferred stock outstanding at March 31, 2023.
The Company is authorized to issue up to 150.0 million shares of common stock, par value $0.01 per share. There were 81.5 million shares of common stock issued and outstanding at March 31, 2023.
Shares of common stock issued and outstanding
Three months ended
March 31,
(in millions)20232022
Beginning common stock issued and outstanding81.2 80.0 
Common stock issued upon exercise of options, vesting of restricted stock units, and purchases under employee stock purchase plan0.3 0.3 
Common stock issued and outstanding at end of period81.5 80.3 
Basic earnings per share is computed based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share is computed based on the weighted-average number of shares of common stock, including the dilutive effect of common stock equivalents, outstanding. In periods when the Company has a net loss, stock awards are excluded from the calculation of diluted net loss per share as their inclusion would have an antidilutive effect.
The following is a reconciliation of the denominators of the basic and diluted earnings per share (“EPS”) computations:
Three months ended
March 31,
(in millions)20232022
Denominator:
Weighted-average shares outstanding used to compute basic EPS81.3 80.1 
Effect of dilutive shares— — 
Weighted-average shares outstanding and dilutive securities used to compute diluted EPS81.3 80.1 
Certain outstanding options and restricted stock units (“RSUs”) were excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive. These potential dilutive shares of common stock, which may be dilutive to future diluted earnings per share, are as follows:
Three months ended
March 31,
(in millions)20232022
Anti-dilutive options and RSUs excluded from EPS computation5.6 5.5 
Stock Repurchase Program
In June 2016, the Company’s Board of Directors authorized a share repurchase program of $200.0 million of the Company’s outstanding common stock. The Company may repurchase its common stock from time to time or on an accelerated basis through open market transactions or privately negotiated transactions as determined by the Company's management. The amount and timing of stock repurchases under the program will depend on business and market conditions, stock price, trading restrictions, acquisition activity and other factors.  As of March 31, 2023, the Company has $110.7 million remaining under its current share repurchase authorization. No shares were repurchased during the three months ended March 31, 2023 or March 31, 2022 under this authorization.